“Clinic On Debate” – Milton Friedman’s Brilliance On Display During Interview with Phil Donahue

Patrick Bet-David, Tom Ellsworth, and Vincent Oshana are joined by economic and Harvard University professor Roland Fryer as the impact Milton Friedman had on economics.

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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.

Are you a fan of Thomas Soul uh I Wouldn't call myself a can you be a fan Of I mean I know his work you know his Work do you respect his work I think It's interesting I think there's a lot Of interesting hypothesis out there and I I have never met him and and don't Know him personally um I I I like um I Think the the difference between some of The stuff that soul is done and what's Being done now is what's being done now Has a lot more rigor to it and we're Really interested in causality and Really interested in specifically Pinpointing what's going on what what Thomas Soul has done which is uh really Interesting in my opinion is generated a Lot of hypothesis that we can test and He's got a lot of ideas and there's a Lot of um things out there but but um It's not it's not the level of rigor I Would want it who were some of the Economists you admire because for Somebody to become an economist you you Almost have to have a few economists you Look at and say you know cuz you start Off reading other people's yeah right so Who were some of the economists you Studied well that's not how I became an Economists but um but there are Economists I admire so which one do you Want give me the second one all right um Glenn low is an economist I admire Steve Levit is an economist I admire Gary

Becker is an economist I admire Milton Friedman's an economist I admire Samuelson there there's plenty um that That that are phenomenal phenomenal Thinkers Ken Harrow is another one Matt Jackson uh who really brought networks To to economics is another one so why Milton Freedman but not soul because Milton was dealing with um I mean He's fundamental issues of price Theory I mean these were these were field Changing um Soul again it's zero Disrespect it it is it is a was a Different time when he was studying These things right um you know looking At the outcomes of immigrants versus the Outcomes of uh uh American black Americans born here an interesting Hypothesis but there's a lot more more Uh that can potentially explain those Differences than just immigration status Alone and so I just want to keep take Those hypothesis dig deeper be more Rigorous that's all Milton I have a Painting in my house and the painting in My house has eight people in it okay And Rob if you can get that video ready Maybe show the painting first zoom in a Little bit into the painting it's called Dead mentors okay it's a pretty bad name But I'm not trying to resell it but Uh so zoom in it's actually what is that Who the hell made that was that Cristiano Ronaldo so look at your

Picture on the left somebody took that And change it no somebody took that and Change it to something else and they're Selling it Rob can you just go to the Original one don't worry zoom in so you Got Einstein Kennedy Lincoln Tupac Myself in the middle blue suit uh uh Right JFK iron Senna the Sha Iran MLK And Milton fredman right in an empty Chair and they're debating in the vault Two books communist Manifesto and ATL Shrug is what they're debating that's What's in my brain this is my Bo I'm Naturally High I'm I have issues that's Why I have you here you don't even know Why I have here can you play this clip By Milton Freedman have you ever seen a Milton fredman interview with Phil danu I don't think so maybe by the way if you Haven't this is this is the era of nater Ralph nater and so all this stuff and This was one of the sickest interview Vinnie have you ever seen this whole Thing I no I saw a clip I think you Showed me a while ago but I've never Seen must watch the entire I'm just Giving you the two minute clip so here You know uh uh Phil obviously a left Socialist you know Democrat is how he Would portray himself and he's talking About the greed of the wealth go Ahead when you see around the globe the Maldistribution of wealth the the Desperate plight of millions of people

In underdeveloped countries uh when you See so few halves and so many have knots When you when you see the greed and the Conentration of power within don't Aren't you ever did you ever have a Moment of doubt about capitalism and Whether greed's a good idea to run on Well first of all tell me is there some Society you know that doesn't run on Greed you think Russia doesn't run on Greed you think China doesn't run on Greed what is Greed of course none of us are greedy It's only the other fellow who's greedy Yeah good point this the world runs on Individuals pursuing their separate Interests the great achievements of Civilization have not come from Government bureaus Einstein didn't Construct his theory under order from a From a a Bureaucrat Henry Ford didn't Revolutionize the automobile industry That way in the only cases in which the Masses have escaped from the kind of Grinding poverty you're talking about The only cases in recorded history are Where they where they have had Capitalism and largely free trade if you Want to know where the masses are worth Worse off worst off it's exactly in the Kinds of societies that depart from that So that the record of history is Absolutely crystal clear that there is

No alternative way so far discovered of Improving the lot of the ordinary people That can hold a candle to the productive Activities that are Unleashed by free Enterprise system but it seems to reward Not virtue as much as ability to Manipulate the system and what does Reward virtue you think the a communist Commissar rewards virtue you think a Hitler rewards virtue you think excuse Me if you'll pardon me do you think American Presidents reward virtue Wow do they choose their appointees on The basis of the virtue of the people Appointed or on the basis of their Political Clout is it really true that political Self-interest is nobler somehow than Economic Selfers you know I think you're taking a Lot of things for granted and just tell Me where in the world world you find These Angels who are going to organize Society For us well I don't even trust you to do That honest it's one of the best Clips How long is how long is the whole Interview 43 minutes I'm going to watch I'm telling you it's a clinic on by the Time you're done you you're going to get As close as being as good of an Economist as Roland is like like biomics Type different kind of Economics but and If you work hard it we'll let you in

Thank you okay cool but this is this is The kind of reasoning of of why I um 5 Years ago started a venture capital Company because I was worried about the Impact that academics can have in the World and and it it is we didn't talk About it as part of the police police Work but um you know after that work had Meetings with Obama and other people in The white house and we got nothing done Meaning not a you know we did research It was people talked about it a while But we got nothing done And on the other hand uh a really good Friend of mine was an investor in early Stage Ventures and he was partnering With people who were truly changing the World through effort MH right and and I Thought how would Milton Friedman Approach this would he would he start th Going out and fundraising with Philanthropy and trying to put things Out and hoping the the government would Adopt it no way so we started this Little uh Venture Capital company to do Exactly this to to to invest in people And ideas that accelerate things that Research has showed will increase social Mobility so I'm all about using the Market to uh accelerate the changes We've been talking about around around This table I mean when I was a kid I was Taught capitalism was the problem as an Adult I think it's the

Answer wow did you ever read capitalism And slavery no No I had a guy in my life I feel like I'm getting a lot of homework I'm the Professor I know you got like No no no uh I'm the uneducated Economist Is is a I'm I'm just very curious about This entire space and a lot of it is Because of my upbringing who was my you Know my parents communist imperialist You know benefits of Communism benefits Of socialism and you're like wait a Minute what benefits of Communism this Book right here capitalism and slavery Was given to me years ago and it by Eric Williams and it talked about how uh Capitalist uh did all bad to you know Blacks and slaves and all this stuff but Um I can no longer remain in today's Democratic party Tulsi gabard say she is No longer a Democrat a potential tulsy Gathered VP where we are being told that We just have to comply and go along with Whatever they say American people uh are Smarter than this however we must remain Vigilant to recognize their propaganda For what it is pure life unfortunately We live in a time where free speech is Under attack whatever they say goes and We we have to just fall and the people Who who suffered under your reign as Prosecutor you owe them an Apology taking on K Harris on a debate Stage before I would look forward to

Doing that Again so if you like this clip and you Want to watch another one click right Here and if you want to watch the entire Podcast click right Here

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